Latest / Financial Survival Network / Gold Surges Past $2,900 – What's Next? - David Erfle #6231

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Gold Surges Past $2,900 – What's Next? - David Erfle #6231 · Financial Survival Network

• 0:00
  Speaker 1: Gold is loving it, you know, I mean it's it's
• 0:02
  Speaker 1: also brought. You know, We've got four more daily all
• 0:06
  Speaker 1: time high closes in the gold price already since he
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  Speaker 1: was inaugurated, adding to the forty all time highs that
• 0:13
  Speaker 1: were posted since March of last year. So yeah, all
• 0:17
  Speaker 1: time highs. Yeah, I mean gold. Gold went over twenty
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  Speaker 1: nine hundred dollars yesterday.
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  Speaker 2: You were listening to Carrie Letz's Financial Survival Network, where
• 0:27
  Speaker 2: you get valuable information you just can't find anywhere else
• 0:31
  Speaker 2: to thrive in today's trying times. You need the Financial
• 0:35
  Speaker 2: Survival Network now more than ever. Go to Financial Survivalnetwork
• 0:40
  Speaker 2: dot com and get your free newsletter and gift. Financial
• 0:44
  Speaker 2: Survival Network now more than ever.
• 0:51
  Speaker 3: And welcome you are listening to and watching the Financial
• 0:54
  Speaker 3: Survival Network. I'm your host Carrie Let's. We are just
• 0:57
  Speaker 3: getting started here in February. So much stuff going on.
• 1:01
  Speaker 3: Price of gold at or near all time highs, Silver
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  Speaker 3: starting to break out over thirty two dollars the ounce,
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  Speaker 3: and who better to get their take than David Erfley,
• 1:12
  Speaker 3: Junior Minor Junkie dot com. David, glad you survived the
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  Speaker 3: fires intact and our hearts go out to everybody who
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  Speaker 3: wasn't as fortunate as you, and I know you know
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  Speaker 3: a lot of them. They're all your friends and neighbors.
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  Speaker 3: But life goes on here meantime, higher gold prices and
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  Speaker 3: what's going on here?
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  Speaker 1: Yeah, thanks thanks for having me on again, Carrie. It's
• 1:37
  Speaker 1: you know, it's basically, you know, we got week three
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  Speaker 1: of the Trump presidency bringing more chaos and uncertainty into
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  Speaker 1: the marketplace, and gold is loving it, you know, I
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  Speaker 1: mean it's it's also brought you know, we've got four
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  Speaker 1: more daily all time high closes in the gold price
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  Speaker 1: already since he was inaugurated, adding to the forty all
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  Speaker 1: time high that were posted, uh since March of last year.
• 2:04
  Speaker 1: So yeah, it all time huh yeah, I mean gold
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  Speaker 1: gold went over twenty nine hundred dollars yesterday and now
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  Speaker 1: you know, it's having a nice little pause here, some
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  Speaker 1: healthy profit taking, which is yeah. Actually and right ahead
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  Speaker 1: of the parable yeah, right ahead of the of the
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  Speaker 1: non farm pays report that's going to come out on Friday.
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  Speaker 1: But yeah, and there's there's just a lot of uncertainty.
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  Speaker 1: How is how is bestn't gonna go to finance the
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  Speaker 1: the the the deficit and the debt, and you know,
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  Speaker 1: we've got the tariff uncertainty. You know, he he announces
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  Speaker 1: tariffs then and announces a delay for a month for
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  Speaker 1: Canada and Mexico, and then he goes ahead and puts
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  Speaker 1: the tariffs on China, and they announced counter tariffs and basically, uh,
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  Speaker 1: a trade war is on. And you know, gold was
• 3:00
  Speaker 1: basically in an eye of a perfect storm. The I
• 3:05
  Speaker 1: began in October. You know, we had the gold price
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  Speaker 1: run up about one thousand dollars from late October twenty
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  Speaker 1: three to late October twenty twenty four. Trump gets elected.
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  Speaker 1: You know, that was basically sell the rumor, I mean,
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  Speaker 1: buy the rumor, sell the new the news. Right, gold
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  Speaker 1: had gotten way ahead of itself, extremely overbought. It was
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  Speaker 1: a positive, refreshed It had yet to have even a
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  Speaker 1: five percent correction during that one thousand dollars move from
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  Speaker 1: October twenty three to twenty four, it corrected about ten
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  Speaker 1: percent consolidated for about three months. That was the eye
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  Speaker 1: of the perfect storm in gold. And now it's starting
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  Speaker 1: to continue again. And this time though it's taking the
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  Speaker 1: mining stocks and silver along with it. As you know,
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  Speaker 1: as anybody who's listening to this interview right now knows
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  Speaker 1: and who follows this sector. Oh, both gold and the Yeah,
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  Speaker 1: both the miners and silver have been lagging for so long.
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  Speaker 1: And and basically the mean reversion that we've been expecting,
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  Speaker 1: we've been hoping for and expecting is starting to happen. Now.
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  Speaker 1: A lot of these juniors are popping. And a big
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  Speaker 1: reason for this is Trump coming in and streamlining permitting process. Yeah,
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  Speaker 1: he was a permitting process, that's all. A big one.
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  Speaker 3: Look what he did with Trilogy.
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  Speaker 1: We used to work with Trilogy and exact Ambler, the
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  Speaker 1: Ambler Road project. Exactly yesterday he did an executive order
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  Speaker 1: concerning the Ambler Road project.
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  Speaker 3: If ever there was a case of really government wrongdoing,
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  Speaker 3: it was reaching back, yes after Trump had left and
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  Speaker 3: revoking that permit and then engaging in litigation it had
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  Speaker 3: been improved. I've never seen one that before, David.
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  Speaker 1: Yeah, yeah, I mean, and that stock and that stock
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  Speaker 1: pop Trilogy. It popped as soon as the market, as
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  Speaker 1: soon as the market saw that Trump was going to
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  Speaker 1: be elected, as soon as the returns came in, the
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  Speaker 1: stock is tripled. And yeah, I mean it's and and
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  Speaker 1: I don't know if you heard yesterday BC is following
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  Speaker 1: in the same footsteps as far as as as far
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  Speaker 1: as a streamlining permitting process. They announced on eighteen projects
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  Speaker 1: worth about twenty billion dollars. They said that it's working
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  Speaker 1: to accelerate the permitting process on these eighteen projects. And
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  Speaker 1: one of those projects is the sk Creek Gold and
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  Speaker 1: silver project being de risked by Skiiner Resources with which
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  Speaker 1: is a stock that is that is in my portfolio
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  Speaker 1: and that I've been covering from my subscribers in my
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  Speaker 1: newsletter for the past year or so. And the stock
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  Speaker 1: zoomed on that news, and there was a few others
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  Speaker 1: that also benefited by that news. And I wouldn't be
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  Speaker 1: surprised if you start seeing a streamline permitting process begin
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  Speaker 1: in other provinces in Canada too, especially in Quebec and
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  Speaker 1: Ontario where there's where there's a lot of mining projects.
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  Speaker 3: Yeah. Yeah, so things are really looking up for the sector. Huh.
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  Speaker 1: Absolutely, Yeah. I mean, if you if you take a
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  Speaker 1: look at a few levels that are that are very
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  Speaker 1: important here on the gd X and the gd x
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  Speaker 1: J and the gd X, it's it's the forty dollars
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  Speaker 1: level that was that was really strong resistance. Uh, going
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  Speaker 1: back a few years, and it was during this during
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  Speaker 1: this bounce after the after we had well, look we
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  Speaker 1: had we had the gold price run up twenty seven
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  Speaker 1: percent last year, and that at the end of the year,
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  Speaker 1: the gold stocks just took a big dump following the
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  Speaker 1: new mint, the new mine Cabaco the right costs, and
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  Speaker 1: so at the end of the year the gold mining
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  Speaker 1: index was the GDX was only up thirteen percent while
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  Speaker 1: the gold price was up twenty seven percent, and that
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  Speaker 1: basically got everybody throwing in the towel. So that forty
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  Speaker 1: dollars level in GDX, it's been breached now this week.
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  Speaker 1: If we get a weekly close above forty and then
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  Speaker 1: a weekly close above forty, above fifty in the GDXJ,
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  Speaker 1: it's starting it's reached there right now and it's become
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  Speaker 1: a little short term overbought. That would be very bullish
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  Speaker 1: for the sector. And a few more dollars above that
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  Speaker 1: is where the recent highs were, and that would create
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  Speaker 1: a three a three month handle for a four year
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  Speaker 1: cup in both GDX and GDXJ. So remember we had
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  Speaker 1: the thirteen year cup and handle break out of the
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  Speaker 1: gold price above twenty one hundred back in March of
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  Speaker 1: last year. So now we've got the same thing going
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  Speaker 1: on in not only GDX and GDXJ, but the silver
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  Speaker 1: price as well. And the number to watch in the
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  Speaker 1: silver price has been thirty three. We've got over thirty
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  Speaker 1: three dollars at silver futures yesterday and it's it's bouncing over,
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  Speaker 1: it's it's there's seeing some profit taking there today. But
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  Speaker 1: we need to see basically a little couple dollars higher,
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  Speaker 1: a strong close, weekly close above thirty five dollars in
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  Speaker 1: silver that would create a three month cup to go
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  Speaker 1: along with a four and a half year handle and
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  Speaker 1: the silver price. So we got we got the possibility
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  Speaker 1: of cup and handle breakouts in silver and the miners,
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  Speaker 1: and to go along with finally some mean reversion of
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  Speaker 1: the gold price. And like I said, a lot of
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  Speaker 1: these juniors, ones that I owned and cover in my
• 8:45
  Speaker 1: newsletter have really started popping, and several on a watch
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  Speaker 1: list that I also have for my subscribers they're starting
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  Speaker 1: to pop as well. So you finally starting to happen
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  Speaker 1: in this sector.
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  Speaker 3: Yeah, after all these years, David, we've been to talk
• 9:00
  Speaker 3: and finally beginning to happen here. You know, you saw
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  Speaker 3: like last month they painted the tape and basically gold
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  Speaker 3: closed just under twenty eight hundred, you know, yeah, yeah,
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  Speaker 3: you know.
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  Speaker 1: That's under twenty eight hundred, and we had I I
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  Speaker 1: was hoping that that forty level and GDX and fifty
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  Speaker 1: level and GDXJ we're going to get a monthly close
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  Speaker 1: in January above those levels, but it was not to be.
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  Speaker 1: But still, I mean, the way these juniors are acting now,
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  Speaker 1: the market expects it coming. And it's also happening on
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  Speaker 1: rising volume, which is what we need to see. And
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  Speaker 1: another thing to point out is the the Canadian Venture Exchange,
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  Speaker 1: right that the TSX venture. I mean, that's been in
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  Speaker 1: the doldrums for so long, Oh my god, really low volume,
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  Speaker 1: like just like I don't care about this sector volume, right,
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  Speaker 1: it's been left for dead. Well, it's created also a
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  Speaker 1: two and a half year in invert head and shoulders
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  Speaker 1: accumulation bottom, and six forty is the level to watch
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  Speaker 1: on that. It's it peaked above there yesterday and six
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  Speaker 1: forty is a neckline of that of that two and
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  Speaker 1: a half year inverse head and shoulders bottom. If we
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  Speaker 1: get a strong close above six forty with some rising volume,
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  Speaker 1: you succeed. You could see some explosive action in a
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  Speaker 1: lot of these juniors.
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  Speaker 3: All Right, So if you've been holding off subscribing to
• 10:25
  Speaker 3: David's publication, now is probably a really good time to start,
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  Speaker 3: because it looks like we're on the brink or on
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  Speaker 3: the edge of a major move. And not to mention
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  Speaker 3: all the uncertainty in the US with DOGE government spending
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  Speaker 3: all this stuff that they're rooting out the you know,
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  Speaker 3: the fraud day, it's.
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  Speaker 1: Just well, it's incredible. Yeah, what what Doge is uncovered
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  Speaker 1: already is just incredible.
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  Speaker 3: Like Politico thirty two million bucks we gave him in Canada,
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  Speaker 3: gave them money too. Nobody was given.
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  Speaker 1: Us Kelsey Clinton like eighty four million million dollars before
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  Speaker 1: a metal list goes on.
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  Speaker 3: Yeah, it is breathtaking and staggering, and we're barely scratch
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  Speaker 3: the surface of it, you know.
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  Speaker 1: Yeah, absolutely, And like I said, Gold is loving all
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  Speaker 1: this chaos and uncertainty, and I don't see a reason
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  Speaker 1: why it can't continue. Three thousand dollars is the target
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  Speaker 1: of is the initial target of the cup and handle
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  Speaker 1: breakout I mentioned earlier, and then the logarithmic target is
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  Speaker 1: four thousand dollars an ounce and three thousand dollars an
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  Speaker 1: ounce is also the target of the symmetrical triangle breakout
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  Speaker 1: from that consolidation of the past three months.
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  Speaker 3: All right, so what about silver, what's it? What? What
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  Speaker 3: do you think it's going to go up to?
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  Speaker 1: Well, like I said, thirty five dollars is the number
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  Speaker 1: to watch. But you know, I think I wouldn't be
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  Speaker 1: surprised if if silver didn't challenge, If silver challenged the
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  Speaker 1: the fifty dollars all time fifty dollars high fifty dollars
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  Speaker 1: level at some point before the end of the year,
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  Speaker 1: that might be a little too dishes, But you know,
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  Speaker 1: it's silver. When it runs, it runs fast, and it
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  Speaker 1: runs high or low depending on the direction. You know,
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  Speaker 1: silver tanks as fast as it as it surges whenever
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  Speaker 1: there's whenever there's these accumulation points. And you know, we've had,
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  Speaker 1: like I said, a four and a half year accumulation
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  Speaker 1: in silver right around the thirty dollars level. And the
• 12:23
  Speaker 1: bigger the base, the higher in space, right, I mean,
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  Speaker 1: that's that's basically what we got a setup here, and
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  Speaker 1: we've already seen it in the goal price. And now
• 12:32
  Speaker 1: we've got the same setup. You know, a few a
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  Speaker 1: year later in both the minors and silver. Yeah.
• 12:39
  Speaker 3: All right, interesting times, interesting times, that's for sure. Uh, David,
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  Speaker 3: just tell us where we find you, how we connect
• 12:47
  Speaker 3: with you on the web.
• 12:48
  Speaker 1: Sure, Yeah, you can find me at Junior Minor Junkie
• 12:51
  Speaker 1: with a y dot com. And also every Friday, I
• 12:55
  Speaker 1: have a column on Kidko that comes out Friday mornings.
• 12:58
  Speaker 1: All right, if you want to like to get that
• 13:00
  Speaker 1: in your inbox, all you have to do is basically
• 13:02
  Speaker 1: sign up on my free email list when you log
• 13:05
  Speaker 1: into my.
• 13:07
  Speaker 3: Web website exactly, and we have a link to that
• 13:11
  Speaker 3: in the show notes on Financial Survival Network dot com.
• 13:14
  Speaker 3: While you're there, we just ask you join over seventy
• 13:17
  Speaker 3: thousand other FSN community members. Sign up for your free newsletter,
• 13:21
  Speaker 3: and if you've got a question for David myself, always
• 13:24
  Speaker 3: shoot me an email klatcarrielets dot com. David always a pleasure,
• 13:29
  Speaker 3: Stay safe. We'll talk to you soon.
• 13:31
  Speaker 1: Thanks, Kerry, looking forward talking to you again.
• 13:33
  Speaker 2: Thanks for listening to Carrie Letz's Financial Survival Network. Your
• 13:37
  Speaker 2: solution to today's trying times. For the latest, go to
• 13:41
  Speaker 2: Financial Survivalnetwork dot com. Financial Survival Network now more than
• 13:47
  Speaker 2: ever